Vietnam

New Documents

OECD: Vietnam Ratified BEPS Convention

The Organisation for Economic Co-operation and Development announced that Vietnam ratified the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting.

May 24, 2023

State Bank of Vietnam, NCA Sign MoU on Combating Financial Crime

Governor Nguyen Thi Hong of the State Bank of Vietnam attended a ceremony related to a new memorandum of understanding between authorities in the U.K. and Vietnam on financial intelligence.

August 31, 2022

APG Welcomes Significant AML/CTF Reforms in Vietnam, Cites Remaining Compliance Gaps

February 1, 2022

State Bank of Vietnam, Russia Strengthen Cybersecurity Cooperation

January 19, 2022

State Bank of Vietnam Deputy Governor Discusses Digital Banking Payment Infrastructure

January 2, 2020

News

Midweek Roundup: Russian Superyacht for Sale, Conmen Sold Victims Antarctica Passports, And More

Former Malaysian prime minister begins 1MDB Prison Term, FATF gives high marks to the Netherlands, and more, in the midweek roundup.

August 24, 2022

Midweek Roundup: FinCEN Targets Legal Entities and Real Estate Market, US Threatens Russia with SWIFT Ban, and More

U.S. imposes sanctions on kleptocrats and human rights abusers, facilitator of Danske Bank money laundering slated for extradition to Denmark, and more, in the midweek roundup.

December 8, 2021

Midweek Roundup: Lebanon Investigates Blacklisted Bank, UK Imposes Record MSB Fine, and More

September 5, 2019

Weekly Roundup: US Lawmaker Questions Alleged Payment to North Korea, Deutsche Bank Staff Reviewed Trump’s Tax Returns, and More

May 3, 2019

Weekly Roundup: Bank Loans to Trump Lawyer Draw Federal Scrutiny, US Officials Considered Blacklisting Chinese Lenders, and More

April 13, 2018

Enforcement Actions

0 Items Found

Key Documents

Vietnam Enacts Anti-Money Laundering Legislation

June 18, 2012

Vietnam Publishes Updated AML/CTF Regulations

October 4, 2013

Vietnam Publishes AML Regulations

June 7, 2005

Vietnam Defines Money Laundering, Corruption in Latest Penal Code

December 21, 1999

Important Facts

  • The U.S. Department of State categorizes Vietnam as a major money laundering jurisdiction. Vietnam’s economy is largely cash-based and while the use of bank accounts is increasing but remains vulnerable to money laundering through false declarations, including fictitious investment transactions and customs fraud, The Department of State additionally notes that Vietnam’s tech-savvy population and newly legalized local casinos may lead to additional exposure to illicit finances. Such illicit finances stem from high-value sales of luxury items and real estate; public corruption. Sources of illicit funds include organized crime groups in Asia, Europe, and North America. Vietnam has in place know your customer and suspicious transaction reporting requirements. In 2018, Vietnam prosecuted over 90 defendants accused of criminal charges associated with illegal online gaming and obtained convictions against almost all defendants, including four on money laundering charges.
Source: 2019 International Narcotics Control Strategy Report (INCSR)

Rankings

FATF i | 2013 Methodology

Technical Effectiveness
Compliant : 2 High : 0
Largely Compliant : 11 Substantial : 2
Partially Compliant : 23 Moderate : 2
Non-Compliant : 4 Low : 7

BASEL i

Rank : 12/141
Score : 7.04/10

TRANSPARENCY INTERNATIONAL i

Rank : 96/180
Score : 37/100

Tax Justice Network i

Rank : 37/133
Score : 74/100